The day's market - May 03, 2007

The Philippine stokc market remain very tentative. The rise in the Dow Jones Industrial Average (DJIA) by 75.74 points which led to another record high closing in WallStreet (13,211.88) perked up initial sentiment.

PSEi previous close - 3271.99 (May 02, 2007)

time--------------change---------------PSEi
9:31-------------up 4.42
9:32----------------5.65
9:36----------------6.93
9:38----------------8.25
9:42---------------10.51
9:43---------------12.93
9:44---------------14.60
9:46---------------19.07
9:59---------------20.30--------------3292.29

After the first half hour, the initial attempt to challenge the 3,300 level failed

10:01--------------15.80
10:02--------------17.87
10:05--------------18.59
10:08--------------19.19
10:09--------------21.36-------------3293.35 (the day's high)

The 3,300 level remains a strong resistance and once again, profit takers were quick to unload.

10:11--------------19.39
10:18--------------12.70
10:19--------------11.52
10:27--------------11.23
10:30--------------10.87
10:31---------------9.70
10:32---------------6.12
10:33---------------5.52
10:45---------------3.46
10:57---------------2.98
11:03---------------2.10
11:05---------------0.62

The market reversed sentiment and went to negative territory.
11:07-----------down 0.11
11:12-----------------1.41
11:34-----------------3.25
11:38-----------------5.70
11:56-----------------8.50-------------3263.49 (day's low)
11:59-----------------4.54
12:01-----------------0.46
Market Close.

Advancers 48
Decliners 48

Value turnover PhP 3.959 bn
Cross transactions PhP 1.346

Sectoral Indices
Industrial +0.49%
Property +0.46%
M-O -0.71%
Financial - 0.31%
Holdings -0.27%
Services - 0.17%

Investors remain uncertain for the short term leading to the elections. While some remain on the sidelines, they are quick to get in the market with any sign of a strong rally especially one that is seen to break key resistance levels. But these punters are also quick to take profits and reverse positions.
Long term investors who are looking beyond the elections are seen slowly accumulating and holding for an expected rally in the latter part of the year.